Drowning in oil

  • 26 May 2008 12:19:54 GMT

    Happening in our country is mind boggling always. But adding to what the article say, Iran is having a technological draw back on refining their oil as the west is not giving it to them on the nuclear issue. Iran has the second largest reserves being second to Saudi but have issue of taking oil out of the ground as the oil they have is more thicker than the usual oil found in other OPEC countries. Hence they import 50% of their petrol consumption from other countries. Can you believe that? Oils prices are going up due to numerous reasons, one is investors are investing much on the oil and natural resources funds which are traded in the stock markets. More the demand less the supply the price will go up. Second is unexpected depletion of oil reserves of USA due to unexpected hurricanes hitting the state.Consumption has gone up as the heating requirements have suddenly gone up even before the winter period starts. Thirdly OPEC has agreed not to increase out put as they need the money fast. Fourthly Nigeria is having their own problems with the riots and strikes in the oil Fields. There could be more reasons.

    After elections in USA in November things might change if Obama or McCain change the present stance on the foreign policies.

  • 27 May 2008 00:46:27 GMT

    Now relay clutching at the straws waiting Obama or McCain to change the foreign policy in USA to bring the oil precises down while the futures market is already hedge the oil prices at $135 for a barrel and daily going up towards $200.

  • 27 May 2008 03:58:56 GMT

    [Iran has the second largest reserves being second to Saudi but have issue of taking oil]

    Not correct. As of Jan. 2006, Canada comes second with 178,800,000,000 barrels of proven reserves. Iran is third with 132,500,000,000 barrels.

  • 27 May 2008 05:20:57 GMT

    [It is unfortunate that all the people including the poorest of the poor are made to absorb the ill effects of indirect taxes such as soaring transport costs because of the lapses on the part of the State in the collection of revenue.]

    Indeed, but who is brave enough to introduce an income tax system to our always poor SATH GUNWATH MAHATTURU driving luxury 4WDs? (Of course once they start living in a western country they pay income tax without a word like dogs).

  • 29 May 2008 00:12:43 GMT

    Don`t you believe it some of the cultured honest citizens from Sri Lanka domicile in the west try and do any thing to rip the system off every which way they can. You might say why not every one is doing it difference is they preach to the others of there integrity more so than any one else.